International Economics, Global Edition
International Economics is designed for a one-semester course covering both the micro and macro components of international economics. The Seventh Edition continues the approach of the first six editions by offering a principles-level introduction to the core theories, together with policy analysis and the institutional and historical contexts of international economic relations. My goal is to make economic reasoning about the international economy accessible to a diverse group of students, including both economics majors and nonmajors. My intention is to present the consensus of economic opinion, when one exists, and to describe the differences when one does not. In general, however, economists are more often in agreement than not.
New to the Seventh Edition
This Seventh Edition of International Economics preserves the organization and coverage of the Sixth Edition and adds a number of updates and enhancements. New to this edition:
■■ All tables and graphs have been updated.
■■ New case studies are added in Chapter 2 on the Asian Infrastructure and Investment Bank; Chapter 5 on industrial policies targeting clean energy technology; and Chapter 16 on the Worldwide Governance Indicators.
■■ Chapter 9 on the balance of payments has incorporated the accounting revisions of the IMF and the implementation of the revisions by the U.S. Bureau of Economic Analysis. The changes recommended by the IMF are mostly terminology, but also in the presentation of debits and credits. Chapter 9 also adds a new appendix on the terminology of numbers: billions, thousands of millions, milliards, and trillions.
■■ The discussion of financial crises in Chapter 12 is presented in terms of vulnerabilities and triggers, following the terminology used by former Fed Chairman Ben Bernanke, among others.
■■ Chapter 16 has dropped the World Bank’s now-dated terminology and focus on the High Performance Asian Economies in favor of a more empirically determined set of high growth, export oriented East Asian economies.
■■ Chapter 17 is focused on India and China, exclusively.
■■ The discussion of trade and jobs in Chapters 4, 13, and 17 is more nuanced and reflects the growing challenge to the consensus that trade is not the cause of manufacturing’s decline in high-income countries. Hallmarks of International Economics Several features of International Economics distinguish it from the many excellent texts in the field:
■■ First, the approach is broader than the theoretical apparatus used by economists. Economic theory is covered and its mastery is essential, but most readers grasp theory more completely when it is presented along with real-world applications. To this end, I have supplemented economic theory with case studies and other content ranging from the role of economic institutions and the analysis of international economic policies to the recent history of the world economy and the challenges facing different geographical regions as they become more economically integrated internationally.
■■ Second, the objective of covering both the micro and macro sides in a onesemester course necessitates paring back the coverage of theory in order to focus on the central concepts. As all instructors are aware, many theoretical topics are of secondary or tertiary importance, which can pose a problem for students who may lack the needed breadth and depth of understanding to rank topics by their relative importance.
■■ Third, International Economics provides richer historical and institutional detail than most other texts. This material illuminates the relationships between economic theory and policy, and between economics and the other social sciences.
■■ Fourth, I have organized Part 4 of the book into five chapters, each focused on a geographic area as follows: North America with emphasis on the United States, the European Union, Latin America, East Asia, and India and China. These chapters offer students the chance to broaden their understanding of world trends and to observe the intellectual power of economic theory in practice.
part 1 Introduction and Institutions 25
Chapter 1 An Introduction to the World Economy 26
Chapter 2 International Economic Institutions Since World War II 41
Part 2 International Trade 65
Chapter 3 Comparative Advantage and the Gains from Trade 66
Chapter 4 Comparative Advantage and Factor Endowments 89
Chapter 5 Beyond Comparative Advantage 118
Chapter 6 The Theory of Tariffs and Quotas 140
Chapter 7 Commercial Policy 162
Chapter 8 International Trade and Labor and Environmental Standards 182
part 3 International Finance 207
Chapter 9 Trade and the Balance of Payments 208
Chapter 10 Exchange Rates and Exchange Rate Systems 238
Chapter 11 An Introduction to Open Economy Macroeconomics 274
Chapter 12 International Financial Crises 300
part 4 R egional Issues in the Global Economy 331
Chapter 13 The United States in the World Economy 332
Chapter 14 The European Union: Many Markets into One 358
Chapter 15 Trade and Policy Reform in Latin America 389
Chapter 16 Export-Oriented Growth in East Asia 416
Chapter 17 China and India in the World Economy 445
Suggested Readings are available at www.pearsonglobaleditions.com/Gerber
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